Government to borrow GH¢15.231bn via T-bills, bonds between March and June 2026

The Government of Ghana has announced plans to borrow fresh debt amounting to GH¢15.231 billion through treasury bills and bonds between March and June 2026. The initiative aims to support budget implementation while rolling over existing debt maturities.

According to a release by the Bank of Ghana, the issuance will include 91-day, 182-day, and 364-day treasury bills, which will be auctioned weekly via the primary market. Settlement for these short-term instruments will occur on the transaction date plus one working day.

In addition to treasury bills, the government plans to issue medium- to long-term bonds following the expiration of restrictions under the Domestic Debt Exchange Programme (DDEP). These bonds will have settlement terms of the transaction date plus two working days.

Objectives of the Debt Issuance

The government indicated that this strategy seeks to build benchmark bonds and provide market participants with clearer guidance to inform investment decisions. “It is expected that the Issuance Calendar for March to June 2026 will provide market participants with clear guidance to inform their investment decisions,” the Bank of Ghana stated.

The issuance is part of a broader plan to revamp the domestic capital market. By borrowing more through medium- to long-term bonds, the government aims to reduce reliance on short-term treasury bills and lengthen the maturity profile of public debt in line with the Government’s Debt Management Strategy.

“The government’s financing from the domestic market aims at reducing over-reliance on the issuance of Treasury Bills whilst increasing the issuance of medium to long-term bonds, consistent with the Government's Debt Management Strategy of lengthening the maturity profile of the public debt,” the statement explained.

Commitment to Transparency and Predictability

The government reaffirmed its commitment to enhancing predictability and transparency in the domestic capital market, assuring all stakeholders and the public of continued efforts in this regard.

The Issuance Calendar has been prepared with consideration of projected domestic maturities and the Net Domestic Financing (NDF) outlined in the 2026 Budget Statement and Economic Policy. This initiative signals the government’s intent to stabilize the domestic debt market while creating investment opportunities for institutional and retail investors.